Market Overview: Ethereum/Mexican Peso (ETHMXN) 24-Hour Summary

Summary
• ETHMXN opened at 61004 MXN and surged to a 24-hour high of 64187 MXN before consolidating at a close of 63451 MXN.
• Volatility spiked during the session, with a 15-minute high of 64187 MXN and a low of 61004 MXN.
• Total volume was 4.4229 ETH and turnover reached ~MXN 269,438, with no clear divergence between price and volume.

Price Action & Structure

Ethereum/Mexican Peso (ETHMXN) opened at 61004 MXN and moved into a strong upward trend, reaching a high of 64187 MXN in the early hours of the morning. The rally was characterized by a strong bullish engulfing pattern forming around 17:45–18:00 ET, followed by a consolidation phase that saw a bearish reversal near the 63451 MXN level. Key support levels emerged around 63400 and 63300 MXN, while resistance lingered near 64000 and 64100 MXN. A doji formed near 06:45 ET, suggesting indecision.

Moving Averages

On the 15-minute chart, the 20-period and 50-period SMAs were both below the price for most of the session, indicating a bullish bias. As of the 12:00 ET close, the price was trading above both moving averages. On the daily chart, the 50, 100, and 200-period SMAs were closely aligned, suggesting a continuation of a short-term uptrend with no immediate bearish crossover.

MACD & RSI

The MACD (12, 26, 9) crossed above the signal line around 17:45 ET and remained positive through much of the session, reflecting strong momentum. The RSI reached overbought territory above 70 for several hours, peaking near 18:30 ET, but did not stay overbought for long, hinting at potential profit-taking. The RSI has since returned to mid-50s, indicating a balance between buyers and sellers.

Bollinger Bands

Bollinger Bands (20, 2) showed a clear expansion during the morning session, with price trading at the upper band during the peak of the rally. As the market consolidated, the bands began to contract slightly, suggesting reduced volatility. Price closed near the upper band, signaling bullish pressure, though with signs of exhaustion.

Volume & Turnover

Volume surged during the morning rally, with a spike in activity after 17:45 ET as the price broke out above 62000 MXN. Turnover followed a similar pattern, peaking during the bullish phase. The volume profile confirms the strength of the move, with no major divergence observed between price and volume in the 24-hour window.

Fibonacci Retracements

Fibonacci retracement levels applied to the 17:45–21:45 ET rally (61094 to 64053 MXN) showed a key 61.8% retracement level around 63137 MXN, which held as support. The 78.6% retracement level was near 62620 MXN, where the price briefly stalled. On the daily chart, the 50% retracement of a recent ETHMXN bull cycle appears to be acting as a short-term resistance.

Backtest Hypothesis

The “bullish-engulfing” strategy described—using ETHMXN-specific signals and holding for three days—requires confirmation of a recognized data source or ticker symbol. Given the current dataset, a similar approach using ETHUSD or ETHUSDT converted to MXN with a stable USD-MXN rate could be a viable proxy. A backtest from 2022 to 2025 using this adjusted signal and rule set could reveal the strategy’s viability. Once a supported symbol is confirmed, the data provider can deliver the necessary historical data for testing.